民爆专题：西部大开发再提速，一带一路迎新机

Investment Rating - The industry rating is "Outperform the Market" (maintained) [6] Core Insights - The supply-demand structure of the civil explosives industry continues to improve, with leading companies growing stronger. The top 10 companies in the civil explosives industry accounted for 62.47% of the total production value in 2024, an increase of 2.49 percentage points from 2023. Their combined blasting service revenue rose to 89.61%, up 2.73 percentage points year-on-year [2][23][25]. - Fixed asset investment in the mining sector, which accounts for over 70% of the downstream demand for civil explosives, has seen continuous positive growth for four years. In 2024, investment in the mining sector increased by 10.5% compared to the previous year, driven by rising prices of major mineral resources [2][31]. - Major infrastructure projects, including three canal projects with investments exceeding 600 billion yuan, are expected to open up new demand for civil explosives [2][39][42]. Summary by Sections 1. Industry Supply-Demand Structure - The civil explosives industry is a foundational sector of the national economy, encompassing the production, sales, and blasting engineering services of civil explosive materials. The industry is experiencing steady consolidation, leading to increased concentration [13][23]. - The industry is characterized by high barriers to entry, with strict regulations governing the production, sale, and transportation of explosive materials. The government encourages the consolidation of smaller firms to enhance competitiveness and market efficiency [14][23]. 2. Regional Demand Dynamics - Xinjiang: The coal mining sector is driving significant growth in the civil explosives and mining service markets. In 2024, Xinjiang's coal output is expected to increase by 18.4%, transitioning from a strategic reserve base to a key development area. The estimated civil explosives demand in Xinjiang is 676,000 tons, potentially reaching close to 1 million tons by the end of the 14th Five-Year Plan [3][44]. - Tibet: The acceleration of large copper mine operations and infrastructure projects, such as the Yaxia Hydropower Station and railway construction, is expected to boost civil explosives demand in the region. Key players include local companies like Gaozheng Civil Explosives and integrated leaders like Yipuli and Guangdong Hongda [4][39]. - Overseas Expansion: Civil explosives companies are expanding into "Belt and Road" countries, which are experiencing significant development and have abundant mineral resources. This expansion is supported by domestic policies and overseas demand [4][39]. 3. Investment Recommendations - Key companies to focus on include Yipuli, Jiangnan Chemical, Guangdong Hongda, Gaozheng Civil Explosives, and Poly United, which are well-positioned to benefit from the growing demand in high-growth regions like Xinjiang and Tibet [2][3][4].